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Records Management
Handbook
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A Handy Reference for Records Management
This booklet is intended to act as a reference guide to getting started with Records Management. It explains the key
areas and points to focus on when managing your records, hints and tips to refer to on a daily basis and where to
find more detailed information and get help and advice from professional experts.
Contents
Introduction and Acknowledgments
1
About Bankers Box and Fellowes / Introduction to Records Management
2-3
Getting Started
3
The Basic Principles of Records Management
4
Practical tips
5
ISO Standard 15489
5-6
Disclosing Information
6
®
Sarbanes Oxley Act
7
The Records Management Lifecycle / Bankers Box Filing & Storage solutions
8
Selecting the Correct Storage Solution
9
Disposal of records and information
10
The Records Management Society / Sources of further information
11
Sample Retention Schedule
12-17
®
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About Bankers Box® and Fellowes
A chance meeting with Walter Nickel in an elevator back in 1917
resulted in Harry Fellowes acquiring a corrugated box business for $50.
He had found the idea intriguing as the recently introduced Federa
Income Tax had just brought about new records-keeping equirements
in the US. Fellowes Ltd had just been born. Today, Bankers Box® from
Fellowes leads the way in archival storage, committed to providing the
best-in-class product quality, proprietary manufacturing capabilities and
the best overall pricevalue ratio for all types of Records Management.
Through continuous thinking outside of the box, Fellowes has also
become a leading global manufacturer and marketer of business
machines, records storage and office accessories. All Fellowes products
are designed and developed to enhance the quality, efficiency and
productivity of the workplace.
Introduction to Records Management
What is Records Management?
The Information & Records Management Society of Great Britain defines the management of records as “The methods,
procedures and practices by which an organisation controls and utilises its information assets. Information and
records management relates to the legal, legitimate, appropriate and timely gathering of information and creation,
use, secure storage, accessing, utilisation, governance and selection for archive/disposal of fit for purpose records.”1
Information is a vital asset
Businesses revolve around documents – contracts, correspondence, orders, reports, and much more – that record
all types of activities. Even the smallest companies are required to keep records (for accounts, audit, tax, pensions,
Health & Safety purposes etc). Records Management can be a vital asset, but only if documents can be easily found
or accessed. Did you know you could be committing an offence by failing to keep accurate records for the required
period of time or being unable to locate them? This could potentially lead to the loss of license to operate, fines,
imprisonment and ultimately, business failure.
A good records management program can help you improve your business results:
• The systematic disposal of records will prevent costly paper accumulation and free up valuable space.
• Your company will be protected from accidental or premature destruction of records.
• Reference retrieval will be faster – less time will be spent waiting for information.
• Purchases of excessive office filing equipment will be avoided.
• Potentially crippling breaches of corporate security will be safeguarded against.
The myth of the paperless office
The speed at which we gather and generate information has been greatly increased by technological advances. But
even with email and the Internet, the paper usage in the office is still increasing by around 20% each year.2 That extra
20% must either later be wasted, or filed away, where it takes up 20% more space. For ineffective filing systems, this
could lead to duplication of records, retrieval effort, and increased storage costs.
1
http://www.irms.org.uk/about-us
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The benefits of a good records management system
1. It will enable you to meet your legal and regulatory obligations more easily.
2. Information and records will be more reliable and accessible, saving you valuable time.
3. Increased protection against accidental or premature records destruction.
4. Records will be categorised according to their subject matter, importance, and date, making them easy to retrieve
and use, and minimising duplication.
5. Increased security of vital records or information in case of business disruption or disaster.
6. Efficient storage will help to reclaim valuable office space.
7. Records will not be misfiled, and will be stored in the most appropriate format and medium.
8. Ease of disposal at the appropriate time.
Getting Started
Know what you have got
The best way to find out is to conduct an audit – list the types of records and their storage medium (paper, film/fiche,
electronic, etc), their subject matter and anything else you need to know to get a good overview.
Know how much you have got
Make an inventory of quantities and volumes. – How much space do the records in each category occupy, and what
type of equipment is used to store them?
Know where it is kept
Check all possible storage spaces – start with offices (check desks and cupboards), and work outwards to shared and
more remote areas (include off-site stores if applicable).
Know why it is being kept
If the person holding it cannot justify the need to keep it, they ought not to keep it. More than one person may be
holding the same information. You may find things that others need to know about.
Know how long it is being kept for
Aim to minimise the retention period. Confirm the legal, regulatory, and business requirements (see the sample
Retention Schedule at the back of this booklet) and check that they are being applied. Dispose of confidential material
securely by shredding and then recycling.
Know what to do about it
Publish a policy and guideline, so that everyone is clear about the rules to follow. Then arrange to monitor their
compliance – colleagues, supervisors, managers and auditors all have roles to play in this.
Know MORE
Make use of the information you have. Share it whenever possible – Records Management facilitates Information and
Knowledge Management; and all three are enabled by Information Technology.
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The Basic Principles of Records Management
The importance of good administration and compliance with Records Management Guidelines is widely
recognised nowadays.
Starting with some simple definitions, the term “Records” can include all books, papers, correspondence and
documentary materials made and received by an organisation. Essentially, Records Management is Information
Management, which makes possible “The efficient and systematic control of receipt, maintenance, use and disposition
of records, including processes for and maintaining evidence and information of business activities and transactions in
the form of records”1
From a user’s point of view, an effective Records Management system means:
• People other than the person who filed away the record can find what they need.
• People are aware of what they can copy or keep, who they can and cannot share information with, how long they
can keep a particular record for and what to do with it after use.
• Staff can learn to manage and use the system quickly and easily.
• The risk of confidential information being distributed can be minimised.
• Important records and documents are not accidentally discarded.2
The two basic elements of a Records Management System are a Classification System and a Retention and
Disposition Schedule.2
Classification System
Identifies the category a record belongs to and assigns it a number or code for retrieval. Each department can be
given an identifying code, which, in turn, may be broken down into further sub-categories. Organising in terms of
work functions as opposed to staff or structure will mean that changes to the organisational structure will not mean a
redesign of the filing system.2
Retention and Disposition schedule
This will dictate what to do with a record when it arrives, where to store it, who can use it, how long it needs to
be kept for, what to do when it is no longer required and who has authority for each action. Security and backup
are very important considerations to take into account. Always have a system for marking confidential or sensitive
information so it can be destroyed or removed in extreme situations. Possessing a corporately approved and adhered
to retention schedule could also prove useful in the event of defending legal claims arising from accusations of wilfully
destroying evidence. In the event of legal action, documents that are due for destruction, but may also form part of
material evidence, must not be destroyed.
3
ISO 15489
1/2
www.aidworkers.net/exchange/20020904.html - Terry Clayton
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Practical tips
Locating records
These hinge around classification, titling and indexing. Don’t be put off by the terminology - you almost certainly do all
these things at home! Are your CDs, DVDs and books indexed according to their title, subject, or name, for example?
It is usually logical to group things according to their content, and to put them into alphabetical or numerical order.
For example, personnel records usually have information such as an employees name, number, date of birth, tax
reference, national insurance number, and date employment began. All these may be used to help you to file, and
later to find and identify the right person’s record.
Creating a simple card index, or database of these identifying features will enable you to cross-reference them,
and so find things more easily later. You may know one of these identifiers, but it would lead you to the same item.
Computer software and barcode labelling offer easier and quicker ways to find things.
Making best use of space
Minimising retention periods will have the biggest impact, so encourage people to dispose of passing information and
mail (including email) as soon as possible, and to keep to the agreed retention schedule for everything else.
Then look for the most efficient way to store what is left. Getting the right balance of control, ease of access,
convenience, security, and value for money is very important. The system must meet the users’ needs, and minimise
costs.
Having a formal filing system in place is a useful discipline. That usually dictates how things are stored, and where.
Generally speaking, active, frequently used records are best kept close to the users. That usually means in the office or
on the desktop, in files, folders and through storage systems, such as the Bankers Box® System range.
Safeguarding vital records
Records that are misfiled are no more useful than those that are prematurely destroyed or even stolen. A filing
system needs to be as efficient as possible. Ensure that members of staff know how to use it properly, and that it is
appropriately protected. Truly vital records deserve preferential treatment and are best stored in fireproof safes or
vaults, or in formal archives PD 5454:2012 for further information. Always have a disaster prevention and recovery
plan in place, as well as a backup system in case things get destroyed. Consider seeking professional advice from
Risk Assessors, or Archivists.
Health and Safety issues
The most valuable resource to a company is its staff, so the risk to them must also be minimised. Ensure that their
workplace, the equipment they use, and the way records are stored does not pose an unacceptable risk to their
health and safety. For example, check that boxes on shelving are not too high to reach and they cannot fall, arrange
training in manual handling techniques to minimise risk of back injuries caused by overloaded boxes and minimise
dust by having the stored boxes or files regularly vacuumed clean. But above all, make certain that you comply with
all relevant standards and regulations.
British Standard PD 5454:2012 gives recommendations for the storage and exhibition of documents, including books and other library materials. These
recommendations apply to permanent and temporary storage of documents, and equally apply to material which is subject to restricted access or is on display.
ISO Standard 15489
Locating records
Launched in September 2001, ISO 15489 is a standard that should be used as a series of guidelines for the
management of records in an organisation to ensure accuracy, accessibility and maintenance throughout all stages
of a document’s life. The standardisation of records management policies and procedures ensures that appropriate
attention and protection is given to all records, and that the evidence and information they contain can be retrieved
more efficiently and effectively, using standard practices and procedures. All elements outlined in this part of ISO
15489 are recommended to ensure that adequate records are created, captured and managed.
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Scope of ISO 15489
• Applies to the management of records, in all formats or media,
created or received by any public or private organisation in the
conduct of its activities, or any individual with a duty to create and
maintain records.
• Provides guidance on determining the responsibilities of organisations
for records and records policies, procedures, systems and processes.
• Provides guidance on records management in support of a quality
process framework to comply with ISO 9001.
• Provides guidance on the design and implementation of a records
system but does not include the management of archival records
within archival institutions.
Scope of ISO 15489
The ISO standard is intended for use by:
• Managers of organisations
• Records, information and technology management professionals
• All other personnel in organisations, and other individuals with a duty to create and maintain records.
Disclosing Information
A series of Acts and Regulations have been introduced in recent years leading to an increased transparency of
information. Such laws have potentially significant implications for Records Managers in terms of accessing information
demanded by third parties. The acts outlined below are just some examples of how an effective records management
policy has become increasingly vital for companies and institutions alike, in terms of locating and retrieving information
upon request.
Freedom of Information Act 2000 for the UK (excluding Scotland)
Implemented in January 2005, this law gives the general public a right to gain access to all kinds of information
regarding the management and work of public bodies across the UK, with the primary objective to make government
and public bodies more open and transparent. The final decision on releasing information lies with an information
tribunal.
Freedom of Information Act (Scotland) 2002
This is very similar to the FOIA for the UK, allowing the public access to information from public bodies in Scotland.
The main difference between the Scottish Act and that for the rest of the UK is that the final decision on releasing
information lies not with an information tribunal (who can have the final say over the Information Commissioner for
the rest of the UK), but solely with the Information Commissioner. Although the Freedom of Information Acts outlined
above apply principally to the public sector, private sector organisations
will be affected in instances of contractual agreement with public sector
organisations.
Data Protection Act 1998
The Data Protection Act of 1998 gives individuals the right to access
certain information held about themselves by organisations. Enforced by
the Information Commissioner, the Act governs how organisations (both
private and public sector) can use the personal information they hold –
including how it is acquired, moved, shared and disposed of.
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Sarbanes-Oxley Act 2002
The Sarbanes-Oxley Act (Public Law 104-204) came into effect on 30th July 2002, introducing significant legislative
changes to financial practice and corporate governance regulation in the US (and any company based outside the
USA but with a US parent company), with its main objective being ”to protect investors by improving the accuracy
and reliability of corporate disclosures made pursuant to the securities laws“. 4
SOX, as it is commonly known, came about in the wake of a series of corporate financial scandals, aiming to “deter
and punish corporate and accounting fraud and corruption, ensure justice for wrongdoers, and protect the interests of
workers and shareholders” (Quote: President Bush).
Impact of SOX
SOX establishes stringent financial reporting requirements and defines what type of information must be recorded and
over what period of time, in order to ensure the transparency and accuracy of business records. Compliance to this
law relies on a sound foundation of information and records management practices.
The UK version of the act came into force in April 2005. Set out in the Companies (Audit, Investigations and
Community Enterprise) Act of 2004, this has knock-on effects for records management, with more stringent measures
required to ensure the accuracy and integrity of records. The legislation means the creation of an audit trail to prove
due diligence has been carried out on the required information, as it will no longer be sufficient to put information
security measures in place, but also to prove it.
As a result of the passing of this law, records management is no longer simply an effective business process. It is
now a critical compliance and risk management issue, with stiff penalties for non-compliance of records management
practices, frequently based on a life-cycle approach.
Sarbanes-Oxley compliance in practice
One company had a process for accountability before SOX, about which the Director of Financial Operations
commented that not everything was documented. He believes his company benefits from SOX compliance precisely
because it has to document its internal controls and verify the data, stating “SOX can help a company in many ways,
such as finding revenue leakages”.
When asked how the law affects his company’s competitiveness, he noted that the launch of a new product must be
carefully weighed against the risk of not being able to meet Section 404 certification deadlines. “There’s a lot of that
balancing act - juggling the ability to launch new products and comply with SOX, but I think SOX does enhance the
company as a whole.”5
5
4
www.european-quality.co.uk/free-content/free-articles/the-benefits-and-challenges-of-sarbanes%11oxley-compliance/
http://www.sarbanes-oxley-forum.com
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The Records Management Lifecycle
The lifecycle of a document consists of 4 stages. There is a Bankers Box® product for every stage of the lifecycle.
DISPOS
AL
ACTIVE
2. Semi-Active
Information that is not regularly used but has to
be kept e.g. for legal reasons.
3. Archival
Information that has a long term, probably
historical value.
4. Disposal
Destruction by shredding then recycling.
C
VA
SE
AR
HI
Information that is frequently referred to.
MI
-A C
TI V E
There is a
product for
every stage of a
document’s life
1. Active
L
Bankers Box® Filing & Storage solutions
The lifecycle of a document consists of 4 stages. There is a Bankers Box® product for every stage of the lifecycle.
For many years Fellowes filing and storage solutions have set the industry standard for value, consumer satisfaction,
and best of all, strength. When it comes to stacking, storing and transporting files, Bankers Box® storage solutions offer
strength you can count on for problem-free storage.
Bankers Box® offers a storage solution for every application with a variety of features to suit your needs.
PREMIUM
SYSTEM
Boxes feature PrestoTM
Instant Assembly
Selected products feature
Fastfold® automatic assembly
EARTH SERIES
All products in this
range are manual
assembly
Boxes are up to 80% stronger
than basic strength boxes
Boxes are up to 50% stronger
than basic strength boxes
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Selecting the Correct Storage Solution
Selecting the correct document management product is important when establishing a filing system. Here is a simple
formula to help you decide:
First – determine how often you will access the contents
Second – determine how much space you have for storage
STORAGE UNITS
TRANSFER FILES
Ideal for when you
have a limited amount
of storage space (no
shelving units) and
require frequent access to
files. Some units are also
suitable for desktop use.
STORAGE BOXES
Ideal for use with
storage units for
documents that are
frequently required or
with storage boxes for
infrequent access or
archival processes.
Ideal for use with or
without shelving units
when you require
infrequent access to
files. Can also be used
to transport files for offsite storage.
Storage
Units
Your Situation
Your Solution
Have limited space and
no shelving
Stackable units offer space saving floor or desktop
storage solutions
X
Require easy, frequent access
to files
Eliminates the need to un-stack and re-stack boxes
X
Need to save time
retrieving files
Storage units cut retrieval time in half. Transfer files
offer spine labels for quick and easy identification
X
Infrequent access to files
Less frequently accessed files can be stored in
storage boxes which can be stacked to save space
Frequent moving and handling
of records
Stronger boxes are designed for frequent moving
and handling
Moving records to an off-site
location for long term storage
Transfer files or lever arch files can be placed in
storage boxes to maintain a filing system off-site
Lever arch files are used and
need to be accessed regularly
Selected filing units are compatible with lever arch
files and are ideal for frequent use
Lever arch files need to be
stored long term
Selected storage boxes are compatible with lever
arch files and are ideal for long-term storage
Transfer
Files
Storage
Boxes
X
X
X
X
X
X
X
X
Faster, easier set-up - Selected products offer Presto™ instant assembly or FastFold® automatic assembly to
save you time:
Manual Assembly
SUSTAINABLE, ENVIRONMENTALLY FRIENDLY PRODUCTS
All Bankers Box® corrugated products are made
from FSC® certified 100% recycled board and can
be recycled. All inks used are water based and all
adhesives are solvent free.
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Disposal of records and information
Secure destruction and disposal
Once a document has reached the end of its life and no longer
needs to be retained, it must be disposed of securely.
Be safe, shred it
Personal and Corporate Identity Fraud is a fast growing crime and
occurs when an individual’s or company’s personal or confidential
information i obtained by another person without their knowledge in
order to create a new false identity.
It is not only Best Practice to have a secure document disposal policy
in place in order to protect your company, employees and customers;
it is also a legal requirement for businesses.
The 7th Principle of Data Protection Act 1998 requires that “appropriate security measures be in place to safeguard
against unauthorised or unlawful access / processing of personal data”.
Therefore it is essential to ensure that documents are shredded. Shredding is the most effective, convenient and
environmentally friendly method of document disposal. Fellowes recommend that all business owners and individuals
alike should have access to a shredder.
What to Shred?
Every piece of paper or document that contains some form of information or data that may be of use to criminals,
fraudsters or competitors should be shredded before disposed.
Personal Documents
Company Documents
• Bank & credit card statements &
receipts
• Customer details & client lists
• Utility bills
• Pre-approved credit card applications
• Tax returns
• Documents showing signatures &
social security number
• Research & Development plans
• Marketing plans & sales figures • Legal documents, patent
information & medical records
• Accounting records & financial
reports
• Letter-headed paper, compliment
slips & documents showing
• Personnel files, CVs & salary
signatures
information
There are two types of shredder, strip cut and confetti cut models;
Strip cut models provide
conventional, everyday
security by shredding paper
into unreadable strips.
Confetti cut models, as recommended
by Fellowes, provide higher security by
cutting paper into small unreadable pieces
- increasing the security and reducing the
bulk waste by up to 5 times
Make sure you have methods in place to securely dispose of your information when it reaches the end of its lifetime.
The Fellowes Powershred® range of shredders has been designed to incorporate safety features and user-friendly
functionality ensuring that the World’s Toughest shredders will always provide Powerful Protection.
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Information and Records Management Society
The Information and Records Management Society is the foremost professional association for all those who work in,
or are concerned with records or information management. Launched in 1983, IRMS recognised the ever-increasing
number of people working in the fields of records and information management. All those concerned with records and
information can join the Society, regardless of their professional or organisational status and qualifications.
Organisations wishing to develop records or information systems as well as those that provide services in these
fields are also welcome. Through close and regular contact with its own members and with related professions, the
Information and Records Management Society encourages the highest professional standards.
For further information on the Information and Records Management Society, visit their website at: www.irms.org.uk/
Sources of further information
On the following pages you will find a Retention Schedule that can help you to build a records management
programme. More information about records management is also available from:
• The International Organisation for Standardisation Information on ISO 15489 is available from the ISO or BSI and
gives detailed information about all aspects of records management.
• The National Archives, and their website www.nationalarchives.gov.uk/ contains lots of reference material,
including guidance on how to manage and preserve electronic records.
• The Archives and Records Association is the lead professional body for archivists, archive conservators and records
managers in the United Kingdom and Ireland. Visit www.archives.org.uk/
• The Information Commissioner’s office is the UK’s independent public body set up to promote access to official
information and to protect personal information, including the Data Protection Act, Freedom of Information Act and
Environmental Information Regulations. Visit www.ico.gov.uk
• The Business Archives Council promotes the efficient management, preservation and use of business records through
publications, training and practical support for businesses who wish to preserve their history.
Visit http://www.businessarchivescouncil.org.uk/
• The principal records storage companies should belong to a professional body called Prism International
(www.prismintl.org) who can put you in touch with your nearest service provider.
For further information on Bankers Box® and its product ranges call 01302 836836
or email ukcustomerservicehelpdesk@fellowes.com
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Retention Schedule
DOCUMENT
RETENTION PERIOD
WHY RETAIN?
Cheques/remittance advice
6 Years
Legal
Cash book list
10 Years
Legal
Cost control ledger analysis
6 Years
Legal
Invoice
6 Years (revenue)
10 Years (capital)
Legal
Commercial
Purchase requisitions
2 Years
Audit
Purchase orders
3 Years after expiry (capital)
Current plus 3 years (revenue)
Audit
Audit
Quotations:
- Capital expenditure (successful)
- Capital expenditure (unsuccessful)
- Revenue expenditure (successful)
- Revenue expenditure (unsuccessful)
Contracts for raw material purchase
Permanently
1 year
Current plus 1 year
3 Months
12 years after expiry (under seal)
years after expiry (others)
Audit
Commercial
Audit
Commercial
Legal
Legal
Export rebate claims
3 years from final payment
Commercial
Customs and excise returns
6 years
Legal
Shipping documents
6 years
Legal
VAT deferments
6 years
Legal
Ledger sheet
10 years
Legal
Consolidated accounts
Permanently
Commercial
Disposal of assets
Permanently
Commercial
Application to write off plant value
Permanently
Commercial
Annual depreciation
3 years
Audit
Customer complaints
10 years
Commercial
Customer orders/estimates/quotations
6/12 years after expiry
Commercial
Enquiries
1 year
Commercial
Export credit guarantee documents
6 years after expiry
Permanently if claim made
Commercial
Commercial
Long dated budget
Current plus 1 year
Commercial
Short dated budget
1 year
Commercial
Sales/journals ledgers
10 years
Legal
Nominal & Journal ledgers
Permanently
Commercial
Journal vouchers
3/6 years
Legal
Sales invoices & credit notes
6 years
Legal
Consignment notes
6 years
Legal
Delivery documentation
Current plus 6 years
Legal
1. Supplies Accounts
2. Assets
3. Sales Records
This schedule is intended as a guide only. Many organisations have their own specific guidelines
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Retention Schedule
DOCUMENT
RETENTION PERIOD
WHY RETAIN?
Cheques/remittance advice
6 Years
Commercial
Outstanding account schedule
6 Years
Legal
Statements
2 years
Audit
Overdue account letters
Until paid
Commercial
Staff patent agreements
16 years after employment end
Commercial
Unsuccessful job applicants
1 year
Commercial
Medical records
30 years after expiry (with consent)
Commercial
Medical treatment records
Dependent on treatment (with consent)
Legal
X-ray registers
7 years after expiry
Legal
Accident reports
Permanently
3 years
Commercial
Legal
Medical schemes/reports
Permanently
Commercial
Organisation charts
Permanently
Commercial
Superannuation
Current pensioners
10 years after benefit ends
Commercial Payment changes
6 years
Legal
Payroll Control
Current plus 6 years
Legal
Certificate of existence & continued entitlement
6 years
Legal
Amended code number notice
6 years
Legal
All trust deeds and rules
Permanently
Legal
Trustee minute book
Permanently
Legal
Fund annual account
Permanently
Legal
Investment and contribution Records
Permanently
Legal
Actuarial valuation reports
Permanently
Legal
Records of ex-pensioners
6 years after the benefit ends
Legal
Pension investment policies
12 years after the benefit ends
Legal
Inland Revenue approvals
Permanently
Legal
Group health/personal accident policies
12 years after the benefit ends
Legal
Staff personal records
7 years after employment ends
Legal
Company executive records
Permanently
Commercial
Salary registers
6 years
Legal
Expenses accounts
7 years
Legall
Industrial training records
6 years
Commercial
Labour agreements
Permanently
Commercial
Works council minutes
Permanently
Commercial
Absentee records
Permanently
Commercial
Staff overtime
6 years
Legal
Redundancy/ long service
7 years
Legal
4. Employee Records
This schedule is intended as a guide only. Many organisations have their own specific guidelines
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Retention Schedule
DOCUMENT
RETENTION PERIOD
WHY RETAIN?
P45, P58, P48, P6, P60
6 Years
Legal
Income tax and pay details
6 Years
Legal
5. Wages
Returned tax
6 Years
Legal
Monthly superannuation
10 Years
Commercial
Annual superannuation
Permanently
Commercial
Cumulative superannuation
6 years
Commercial
National insurance
6 years
Commercial
Schedule of deductions
6 years
Audit
Clock cards
2 years
Audit
Pay advice
Current plus 1 year
Legal
Payroll
Current plus 6 years
Legal
Annual earnings summary
6 years
Legal
6 years
Legal
6. Sub contractors
SC60 etc.
Other income tax
6 years
Legal
National insurance
6 years
Commercial
Time sheets
Current plus 1 year
Legal
Policies
3 years after lapse
Commercial
Accident claims correspondence
3 years after settlement
Commercial
Insurance schedules
10 years
Commercial
7. Insurance
Claims regarding radiation
30-40 years
Legal
Infant settlements
Until 24th birthday
Legal
Other settlements
7 years after claim
Legal
Workmen’s compensation act claims
1 year
Commercial
Accident record books
Employees life
Commercial
Public & product liability policies
Permanently
Legal
Bank paying in counterfoils
6 years
Legal
Cheque/remittance advice control sheets
6 years
Legal
8. Cash records
Control sheets
2 years
Legal
Cheques/remittance advice
6 years
Legal
Bank/GIRO account statements
6 years
Legal
Daily cash book
6 years
Legal
Banking returns
6 years
Legal
Unpresented cheque list
6 years
Legal
Bank reconciliations
6 years
Legal
This schedule is intended as a guide only. Many organisations have their own specific guidelines
Organisation Made Easy™
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15
Retention Schedule
DOCUMENT
RETENTION PERIOD
WHY RETAIN?
Employee receipts of paypacket slips
2 years
Audit
Petty cash records
Current plus 6 years
Legal
Main cash book
10 years
Commercial
Cash received/ cheque payment sheets
10 years
Legal
Petty cash returns
6 Years
Commercial
Share certificates register
Permanently
Legal
Company purchase/ sales register
Permanently
Legal
Pension fund details
Permanently
Legal
Permanently
Commercial
9. Investments
10. Share documents
Application forms
Acceptance forms
Permanently
Commercial
Renounced share certificates
Permanently
Commercial
Allotment letters (renounced) & sheets & returns
Permanently
Legal
Allotment letters (lodged for exchange)
1 year from date ceased to be valid
Legal
Share & stock transfer forms
Permanently
Legal
Letters of indemnity for lost records
Permanently
Legal
Annual return
Permanently
Legal
Dividend and interest payments list & warrants
12 years
Legal
Unclaimed dividend & interest lists
Until cleared/ forfeited
Legal
Cancelled share certificates
1 year
Legal
Change of address
2 years
Legal
Register of Directors interest
Permanently
Legal
Register of interests in voting shares
Permanently
Legal
Register of members
Permanently
Legal
Forms for conversion
7 years after the conversion date
Legal
Shareholders with >5% interest register
Permanently
Legal
11. Loans
Debtor accounts control report
6 years
Legal
Arrears schedule
6 years
Legal
Individual debtor accounts
Permanently until paid
Legal
Listing of wage deductions
3 years
Audit
Statement of loan account
Permanently
Commercial
Permanently
Legal
12. Corporate Document
Balance sheet, profit & loss account
Minutes of general & committee meetings
Permanently
Legal
Directors minutes signed by the chairman
Permanently
Legal
Company registers
Permanently
Legal
This schedule is intended as a guide only. Many organisations have their own specific guidelines
Organisation Made Easy™
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Retention Schedule
DOCUMENT
RETENTION PERIOD
WHY RETAIN?
Powers of attorney & court orders
Permanently
Legal
Copy of instruments creating change
Permanently
Legal
Enquiry proceedings
Permanently
Commercial
Company’s organisation papers
Permanently
Commercial
Important company policy papers
Permanently
Commercial
Legal documents
Permanently
Commercial
Trade Union agreements
Permanently
Commercial
Certificate of incorporation
Permanently
Legal
Certificate to commence business
Permanently
Legal
Seal book
Permanently
Legal
Proxy forms/ polling cards
1 month (no poll)
1 year (poll)
Commercial
Commercial
Register of directors and secretaries
Permanently
Legal
Articles of association
Permanently
Legal
Corporate magazines
30 years
Commercial
Correspondence files
6 Years
Commercial
12 years after expiry interest ceased
Legal
13. Title Deeds etc.
All title deeds and property related documents
14. Contract Agreements etc.
Under Seal
12 years after expiry
Legal
Others
6 years after expiry
Legal
Major agreements
Permanently
Commercial
Royalty payments
Permanently
Commercial
Royalty agreements
1 year after expiry
Legal
All related documents
Permanently
Commercial
Expired Patents
12 years
Legal
Goods received register
3 years
Audit
Inward invoice
3/6 years
Legal
Goods in and out record book
Current plus 6 years
Legal
Stock adjustments sheets
2 years
Audit
Stock requisitions & control vouchers
2 years
Audit
15. Trademark Papers
16. Stores & Accounts Documents
Stores transfers, sales inventories & Stock sheets
Current plus 6 years
Legal
Bin cards
2 years
Audit
Contractors time sheets
Current plus 6 years
Legal
Invoices with no official orders
Current plus 6 years
Legal
This schedule is intended as a guide only. Many organisations have their own specific guidelines
Organisation Made Easy™
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Retention Schedule
DOCUMENT
RETENTION PERIOD
WHY RETAIN?
Goods in advice notes
Current plus 6 years
Legal
Purchase copy order set
6 years after expiry
Legal
Index of donation given
6 years
Legal
Deeds of covenant
1 year after final payment
Legal
17. Donation & Subscription Records
Donations granted info.
1 year
Commercial
Donations refused info.
3 months
Commercial
Subscriptions records
3 years after membership
Commercial
Government grants if not now receiving
6 years
Legal
Government grants if still receiving
Permanently
Legal
18. Transport Records
Drivers log books
1 year
Commercial
Other records
2 years after vehicle disposal
Commercial
Tachographs
3 years
Legal
All reports of data
12-15 years
Legal
Product Specifications
Retained for contractual limitation period 6-12 years
Legal
12 years after lease end
Legal
19. Technical Research
20. Property Receipts
Leases
Architect/ builder agreements
6 years after contract ends
Legal
Product specifications
6 years
Legal
Architectural
Permanently
Commercial
Engineering detail
Permanently
Commercial
Mining
Permanently
Commercial
Structural
Permanently
Commercial
General Layout
Permanently
Commercial
Management accounts
6 years
Commercial
Ad hoc investigations
6 years
Commercial
21. Plans
22. Management Information
This schedule is intended as a guide only. Many organisations have their own specific guidelines
Organisation Made Easy™
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